Policy monitor: Bank of Ghana holds at 14% with inflation at 5.3%

The Bank of Ghana's benchmark policy rate stands at 14%, unchanged at its most recent review. This briefing sets out the data behind the stance, drawn from CBAN's Ghana dataset.

Headline consumer price inflation is running at 5.3% year on year in the latest reading tracked by CBAN, up from 3.7% in the prior reading. That puts the real policy rate — the benchmark rate minus headline inflation — at roughly 8.7 percentage points, a restrictive setting by historical standards.

On the currency side, the Ghanaian cedi trades near 11.6 per US dollar, down 9.5% since the start of the year. Gross official reserves stand at roughly $8.9 billion. Exchange-rate pass-through into consumer prices is one of the strongest inflation channels in most African economies, which is why these two indicators move together in policy deliberations.

The BoG's statutory mandate: Maintain stability in the general level of prices and support the general economic policy of the government.

The wider economy is growing at around 4.6% a year on the estimates CBAN tracks, with nominal output of about $79 billion. Growth, inflation and the exchange rate form the three-way trade-off every Monetary Policy Committee weighs.

The next scheduled monetary policy decision is 24 September 2026. CBAN tracks every African MPC date in the economic calendar, and this briefing is refreshed as new official data is released.